Trend Condition in E-Mini S&P Resolutely Bullish

The bull cycle in Eurostoxx 50 futures extended sharply early Thursday, with psychological resistance at 4800 cleared in style, and first modest resistance at 4548.00 cracking in the process. The intraday high of 4864.00 looks extended having pierced the 2.0% Upper Bollinger Band, however the outlook is resolutely bullish the longer these levels hold. The upleg reinforces current conditions. Moving average studies are in a bull-mode position, highlighting positive market sentiment. The trend condition in S&P E-Minis is resolutely bullish, with the upside trigger at 5066.50 giving way to new highs at 5107.75. This erases the pullback off last week’s highs, confirming S/T weakness as corrective. Support to watch lies at 4967.25, the 20-day EMA. A clear break of this average would suggest potential for a deeper retracement, possibly towards the 4866.00 key support, the Jan 31 low. The trigger for a resumption of gains is 5107.75, the Feb 22 high.

• In China the SHANGHAI closed higher by 16.523 pts or +0.55% at 3004.881 and the HANG SENG ended 17.09 pts lower or -0.1% at 16725.86.
• Across Europe, Germany's DAX trades lower by 6.54 pts or -0.04% at 17363.6, FTSE 100 higher by 5.12 pts or +0.07% at 7688.4, CAC 40 up 4.34 pts or +0.05% at 7916.02 and Euro Stoxx 50 down 1.75 pts or -0.04% at 4853.78.
• Dow Jones mini down 23 pts or -0.06% at 39100, S&P 500 mini down 4.75 pts or -0.09% at 5092.75, NASDAQ mini down 43 pts or -0.24% at 18004.25.